Pantheon Resources (LON: PANR), the AIM-listed oil and gas explorer focused on the Kodiak project on Alaska’s North Slope, published unaudited interim results before the London open earlier today. The company reported a widened net loss of $9.2 million for the first half of 2026, against net income of $2.7 million a year earlier, though the operating loss narrowed to $6.1 million from $7.9 million as administrative expenses fell 22%, with the swing to a net loss driven by a derivative revaluation.
Shares closed at 10.69p on Friday and traded up to an intraday high of 13.31p today, last changing hands at 12.30p, up 15.06%, with around 12.9 million shares traded so far today. That sits within the stock’s 52-week range of 6.7p to 31p.
The rally is being driven by Kodiak, where a completed seismic reprocessing programme could support at least a 25% increase to the existing 2C recoverable resource estimate of 1.2 billion barrels, according to management. The figure is preliminary, pending a formal update under the PRMS industry reporting standard.
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Chief executive Max Easley said the reprocessing project “has proved very valuable and yielded extremely positive results,” adding that the enhanced data “has generated significant interest and remains an important part of our ongoing farm-out discussions.” Ten parties remain active in the data room for a farm-out deal, though the board has rejected one firm proposal as undervaluing the assets.
Liquidity remains the key risk. Cash fell from $24.5 million at the end of December to $10.2 million at the 30th of June, and to just $5.5 million by Friday. Pantheon says it may need to raise up to $15 million by year-end, with broker Oak Securities and chair Michael Spencer’s family office IPGL having indicated support.
Spencer said he was “highly confident in the quality of Pantheon’s assets” and that the company’s priority is “to secure the right strategic partner on the right terms while maintaining financial discipline.”
